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Sell-off in Russian equities and rouble batters niche hedge funds

The sharp sell-off in Russian equities and the plunge in the value of the rouble in recent weeks have hammered hedge funds specialising in Russian stocks, the Financial Times gathers.

Neptune Investment Management’s £160m Russia & Greater Russia fund is learnt to have plummeted by 45% over the past three months, while the Kaltchiga Fund is down by over 30% for the year so far. Elsewhere, Firebird Russia has returned a negative 26% for the year to date, while the $941m Russia Prosperity Fund has lost 31% of its value over the period.